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The Global Sequencing Reagents Market to Propel at CAGR of 12.83% by 2028

12-06-2022 12:41 PM CET | Health & Medicine

Press release from: Triton Market Research

Sequencing Reagents Market

Sequencing Reagents Market

Triton Market Research presents the Global Sequencing Reagents Market segmented by Reagent Type (Library Kits, Sequencing Kits, Template Kits, Control Kits, Other Reagent Types), Application (Agri Genomics and Forensics, Oncology, Reproductive Health, Clinical Investigation, Other Applications), Industry Verticals (Hospitals and Clinics, Research Institutes, Pharmaceutical and Biotechnology Companies, Other Industry Verticals), Technology (Sanger Sequencing, Next-Generation Sequencing, Third-Generation Sequencing), and by Geography (Middle East and Africa, North America, Europe, Asia-Pacific, Latin America). The report also discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Supply Chain Outlook, Market Attractiveness Index, Vendor Scorecard, Key Strategic Developments, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Based on Triton's report, the global sequencing reagents market is evaluated to witness growth at a CAGR of 12.83% over the forecast period 2021-2028.

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Sequencing reagents are mainly used during sequencing procedures. This market is witnessing growth globally due to a surge in cancer and autoimmune diseases, reduction in genetic sequencing costs, and development of the biotechnology industry.

In the recent past, genomic sequencing has been increasingly used in clinical practice. Moreover, as per the Australian Genomics Health Alliance, genomic data from over 60 million patients is estimated to be generated over the next few years.

Additionally, the national genomic-medicine initiatives have led to transformative change in real-life conditions. Along with this, several government bodies are supporting genomic sequencing, creating immense growth opportunities for the sequencing reagents market.

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In contrast, social and ethical issues related to data privacy and the lack of professionals across developing countries impede the overall development of the sequencing reagents market.

Globally, North America holds the largest market for sequencing reagents. This robust growth is predominantly owing to the surge in demand for gene synthetic techniques from biopharmaceutical and biotechnology companies. Other than this, the extensive research development activities undertaken by academic and research institutes have created opportunities for the sequencing reagents market across the region.

The key companies in the sequencing reagents market are Trilink Biotechnologies Inc, Agilent Technologies Inc, Asuragen Inc, Merck KGAA, Pacific Biosciences of California Inc, Fluidigm Corporation, Bio Rad Laboratories Inc, Perkinelmer Inc, F Hoffmann La Roche, Takara Bio Inc, BGI Genomics, LGC Biosearch Technologies, Qiagen NV, Illumina Inc, and Thermo Fisher Scientific Inc.

Lucrative growth opportunities due to the pandemic are anticipated to drive the entry of new players in the studied market. However, stringent regulation and the high cost of scaling can restrict the entry of new companies. Furthermore, several established companies, such as Illumina and Thermo Fisher Scientific, are dominating the market. Additionally, many have adopted innovative technologies to expand footings in the market. Hence, considering these factors, the threat of new entrants is likely to be moderate, which the competition levels among existing players are expected to be high over the forecasted period.

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